Top 8 ERC-404 Tokens to Invest in 2024

After a recent rise in popularity, you may find yourself asking, what is ERC-404? and what are the best ERC-404 tokens?

ERC-404 ecosystem tokens are the new hybrid token on the Ethereum blockchain that combines ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens). This standard enables holders to capitalize on the fungibility of ERC-20, while simultaneously utilizing the non-fungible aspect of ERC-721, essentially fractionalizing NFTs.

An unknown team of developers using the pseudonyms “ctrl” and “Acme” created this standard, which has since birthed dozens of new tokens, holding a current market capitalization of around $200 million. In this guide, we will look deeper into the ERC-404 standard, and highlight the best ERC-404 tokens worth adding to your portfolio today.

The Best ERC-404 Coins Ranked

In just over a week since launching, over 20 tokens are operating on this new Ethereum standard, however, what are the best ERC-404 tokens, let us find out below.

  1. Pandora (PANDORA) – First-ever ERC-404 token, up 347% since launch, all holders receive corresponding Replicant NFT.
  2. DeFrogs (DEFROGS) – Ethereum-based meme token, with a market cap of over $6 million in 2 weeks
  3. Rugged Art (RUG) – ERC-404 token inspired by Solana pixel penguins, looking to reward holders of previous NFT
  4. YES (YES) – Meme Fungible Token, creating a token-based economy using “Yes Chad” as a utility
  5. EtherRock404 (ROCK) – Zero utility ERC-404 token, but viral NFT, with a market cap of over $2 million at its peak
  6. Monarch (MNRCH)  – Gamified ERC-404 project, holders compete to evolve the value of tokens
  7. Crystal (CRYSTAL) – Brings liquidity to DEX and NFT marketplaces, token use as utility
  8. Anon (ANON) – Rare ERC-404 project, only 352 tokens, market cap nearing $1 million

A Closer Look at the Top ERC-404 Tokens

Now we know what the top ERC-404 tokens are, let’s look at them individually in more detail.

1. Pandora (PANDORA) – First-Ever ERC-404 Token, up 347% Since Launch, All Holders Receive Corresponding Replicant NFT.

Launched on February 2, 2024, on the decentralized exchange (DEX) Uniswap, Pandora is the first and largest ERC-404 token currently in circulation and has already hit a market cap above $100 million. Additionally, Its first few days of trading volume was above $76 million, making it one of the most hyped launches in recent weeks.

Pandora fuses ERC-20 tokens, with replicants from the corresponding NFT collection operating a mint and burn system. So for every 1 ERC-404 token held, the holder will receive a replicant NFT. When these tokens get split, the replicant will be burned.

Pandora Homepage

In total, there are 10,000 ERC-404-based coins and 10,000 Replicant NFTs; one token is currently priced at $18,899.86. Investors will automatically be assigned their NFT based on the number of tokens they have bought on the exchange.

PANDORA/USD

Despite being able to buy fractions of the token, to receive the replicant NFT, you would need to own a full Pandora token. Since its launch, Pandora has gained a strong social media presence and has over 43,000 followers on X (formerly Twitter).

After getting listed on Uniswap at a price of around $250 its price peaked at a now-record high of $32,854.52 after it began trading on centralized exchanges, before then selling off. Despite falling to a low of $4,018.12 in February, its price rebounded and it is now trading as much as 300% above this point.

Ticker $PANDORA
Current Price $18,899.86
Total Supply 10,000
Market Capitalization $188,998,635
All-time high (ATH) $32,854.52

2. DeFrogs (DEFROGS) – Viral ERC-404 Meme Token, 24-Hour Trading Volume Above $4 Million

Another experimental token on the ERC-404 standard is DeFrogs, which is also one of the first meme tokens using this model. By adopting a meme persona, it hopes to build a strong social following that aims to raise the value of its 10,000 PFPs (picture-for-profile) non-fungible tokens.

DeFrogs was also launched on the Uniswap DEX, and one of the only other ERC-404 coins to be listed on a centralized exchange (CEX) platform. 80% of its supply has been added to the liquidity pool of the DEX.

DeFrogs Homepage

Modeled on the Pepe meme coin project, DeFrogs has had a volatile time since its launch, going from $1,596 on February 7, 2024 to now trading at $544.68 less than ten days later. In between this period, the price hit an all-time high of $3,987.97 on February 9, however, earlier bulls appeared to have moved in to capture gains.

DEFROGS/USD

At the time of writing this, its market capitalization is at $6,118,307, with a 24-hour trading volume of $4,183,006, which is just shy of the top 500 of all cryptocurrencies. It has over 10,000 followers on X (formerly Twitter) and 2,300 on Telegram.

Ticker $DEFROGS
Current Price $544.68
Total Supply 10,000
Market Capitalization $6,118,307
All-time high (ATH) $3,987.97

3. Rugged Art (RUG) – Flippies-Inspired ERC-40 Token, Utilizing the Popularity of the Solana NFT

Drawing inspiration from Pandora and the Solana NFT collection, “Flippies” whose founders disappeared in 2022, after “rug pulling” investors. The Rug project aims to bring these pixel penguins into the ERC-404 ecosystem, due to them remaining popular, despite the scam.

According to its founders, the $RUG token has been birthed to, “help us remember where we were from and how a community-driven project can have a second life from dust.”

Rugged Art Homepage

By taking the project onto the Ethereum ecosystem, $RUG hopes to become one of the top ERC-404 coins. It plans to do this by offering holders NFT-FT duality and leveraging the popularity of the Flippies project.

RUG/USD

There is a total supply of 10,000 RUG tokens, 75% of which will go towards liquidity on decentralized exchanges (DEX) like Uniswap and Jupiter. It will look to draw in the Solana Flippers faithful by offering 20% of its supply to current holders, with the remaining 5% given away.

Price is down by over 87% from a record high of $1,542.24, however daily trading volume remains stable at $291,510. Learn more at RUG on X ( formerly Twitter) and Telegram.

Ticker $RUG
Current Price $186.68
Total Supply 10,000
Market Capitalization $1,899,121
All-time high (ATH) $1,542.24

4. YES (YES) – ERC-404 Project Creating a Token-Based Economy Powered by Yes Chad Meme MFT

YES describes itself as an MFT (Meme Fungible Token) that drew inspiration from the “Yes Chad” meme. The so-called community project aims to transcend a typical meme token, by creating an economy where its token powers the ecosystem.

It aims to do this by providing incubation, where it assists novice teams in launching their project, giving blockchain consultancies, and finally governance, where each MFT holder will have a vote in the upcoming Decentralized Autonomous Organization (DAO).

YES homepage

Overall, there are 100,000 YES tokens, with 18,000 set to be burned to add a deflationary aspect to this project. Each token is wrapped together with an MFT, with the original being the Yes Chad meme, and it now also has a second in the PAT MFT.

YES/USD

By doing this, the hope is for investors to be able to speculate on the MFT using the $YES token, which will ultimately act as the pool of liquidity. The current market capitalization is at $1,587,203, with a 24-hour trading volume of $528,336.

To learn more about YES, follow it on X (formerly Twitter) and Telegram.

Ticker $YES
Current Price $11.72
Total Supply 100,000
Market Capitalization $1,587,203
All-time high (ATH) $81.95

5. EtherRock404 (ROCK) – 100 Rare Graphic NFTs, Utilizing ERC-404 to Trade Tokens on the Ethereum Blockchain

Another considered to be one of the Best ERC-404 tokens is EtherRock404, which launched shortly after Pandora. Modeled on the original EtherRock NTF, this token has zero utility, but is immensely scarce, with only 100 in circulation.

This collection consists of 100 unique and independent graphic rocks, with holders able to buy and sell them with a decentralized smart contract.

Etherrock Homepage

At its peak, a single rock would have cost you $73,158.82, however since reaching this high on February 8, 2024, its value has plummeted. It has a current market cap of $259,491, with a daily trading volume of $20,035, down 80% from its record.

ROCK/USD

Overall, It appears that early traders may have capitalized on the spike in price, and have since opted to secure profits, leading to the current down market. To keep up to date with the latest on EtherRock404 follow its account on X (formerly Twitter).

Ticker $ROCK
Current Price $2,256.55
Total Supply 100
Market Capitalization $259,491
All-time high (ATH) $73,158.82

6. Monarch (MNRCH) – First-Gamified ERC-40 Project, 8,888 Dragons Battling to Become the Rarest

Monarch is the first gamified token utilizing the ERC-404 standard, which allows holders to compete on-chain to evolve their NFTs. So unlike other tokens or NFTs, the value is not derived from its scarcity, but instead from its on-chain activity.

NFTs are modeled on dragons, with each token holder receiving a base dragon after minting, or “hatching”. In total, there 5 tiers of dragons, D1-D5, all have different colors, and a total supply of 8,888, which will be burned gradually as the game progresses.

Monarch Homepage

The premise of the game is to compete, and increase the level of the dragon, compete in competitions, and win prizes. Once all 8,888 dragons or tokens have hatched, the legacy stage will begin, where holders will be able to stake their token rewards.

MNRCH/USD

$MNRCH reached a peak of $2,513.74 soon after its launch but has since fallen to a low of $70.95. It has a total market value of $919,455 at the time of writing this. Follow the project on Telegram and X (formerly Twitter) to find out more.

Ticker $MNRCH
Current Price $126.41
Total Supply 8,888
Market Capitalization $919,455
All-time high (ATH) $2,513.74

7. Crystal (CRYSTAL) – New ERC-404 Token Powering a Liquidity Platform for NFTs and DEXs

Next on the list is $CRYSTAL, which has been built on the back of Scattering.io, which serves as a liquidity platform for NFTs and DEXs. Currently, it is the main utility token on the Ethereum layer-2 blockchain Arbitrum.

Scattering.io is seeking to partner with creators and game developers on Arbitrum to continue to scale the ERC-404 standard and its potential use cases.

Scattering crystal Homepage

If successful in creating a marketplace for ERC404 token trading on Arbitrum, $CRYSTAL will be pivotal in helping to govern this ecosystem. Currently, there is a total supply of 4,200 Crystal tokens.

CRYSTAL/USD

They peaked at a now-record high of $687.32 on February 8, 2024, however have dropped by as much as 50% from this point. It has a market capitalization of $1,421,690 and a current 24-hour trading volume of $41,215. Follow this project on X (formerly Twitter).

Ticker $CRYSTAL
Current Price $302.38
Total Supply 4,200
Market Capitalization $1,421,690
All-time high (ATH) $687.32

8. Anon (ANON) – Bringing Liquidity to the NFT Marketplace, 352 Rare Tokens Build Using ERC-404 Standard

Lastly, we have Anon, which aims to solve the problem of liquidity in the NFT marketplace, as well as rarity management. The token has been built to revolutionize the way the best NFTs are currently traded on platforms like OpenSea, which operates an auction model.

Buyers that hold less than one token, will not be able to receive the corresponding NFT, instead it will be locked in a deck.

Anon Homepage

In doing this, the aim is to increase the rarity of the token, of which there are only 352 currently in circulation. Overall, the Anon team is hoping to make upgrades to the current 404 standard and has coined its own ERC-352 system. The hope is that this will reduce current gas fees on the current model.

ANON/USD

Anon peaked at $21,720.60 earlier in February 2024, before slipping to a record low of $2,590.00 during the same month. It has since marginally increased, and has a current market cap of $912,793. Join its more than 6,500 followers on X ( formerly Twitter)

Ticker $ANON
Current Price $2,757.12
Total Supply 352
Market Capitalization $912,793
All-time high (ATH) $21,720.60

Are ERC-404 Coins a Good Investment?

It is still early to say, as the ERC-404 standard has only been in place for just under a month, and its long-term value is still yet to be determined. The experimental standard has seen some early successes, with Pandora surging by over 12,000% since launching, with trading volume climbing above $190 million.

Its success and being seen as one of the best ERC-404 tokens has helped to encourage others to enter the space and use this new standard. However, not all have been as successful, as seen with EtherRock404. After rising to an all-time high of $73,158.82 on February 8, 2024, $ROCK is now down by as much as 80%, with its trading volume also plummeting.

Some see this as being due to the token not having any real utility or even a case of early investors cashing in and securing gains. As a result of this, if you are looking for investment opportunities in this space, it is important to ensure that you do your research and identify use cases that you believe could be beneficial to the entire ecosystem once this new standard begins to grow.

An example of this is Monarch ($MNRCH), which is using on-chain gaming to build community engagement for its NFT. By enabling tokens and NFTs to evolve through competition, it adds utility, which can then unlock further competitive challenges, and provide rewards to participants. Although its value has also been extremely volatile and has fallen from a peak of $2,513.74, it has made steady gains in recent days. Since hitting a low of $70.95 on February 15, 2024, its price has surged by as much as 70% in the days that followed.

This could likely be attributed to investor optimism about what its future utility could mean for overall value, and as a result seeing the current dip as an opportunity to buy low. So this type of thinking could lead to a good long-term investment, as opposed to buying the top ERC-404 coins in hopes that they rise due to FOMO.

Advantages of the ERC-404 Ecosystem

There are advantages to the ERC-404 ecosystem, let’s break them down.

Semi-Fungible

As this token standard encompasses ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens), it offers a hybrid solution to investors. Traditionally fungible tokens are those that are easily interchangeable without an inherent loss in value. So for example, if you exchange an ERC-20 token like LINK for another, the value stays the same. FIAT currencies are also fungible, like the U.S. dollar for example.

On the other hand, non-fungible tokens popularized as NFTs are blockchain-based alternatives used to certify the digital ownership of something unique, like art, or videos, which are rare in nature, and not interchangeable. For example swapping a painting for a video will see one party benefit more than the other.

Semi-fungible tokens on the other hand can be traded like-for-like, hence why 1 Pandora token is the equivalent of 1 Replicant. However, once the token is redeemed, its face value diminishes, and it converts into an NFT.

Fractionalized

Another major benefit of the top ERC-404 tokens is that they are fractionalized. So going back to the examples above, you can split $1 into two, giving you 50 cents, but you are not able to split an artwork, or NFTs by the same metric. ERC-404 enables you to own fractions of such assets.

Traded on both exchanges and NFT marketplaces

Lastly, due to them holding characteristics of both ERC-20 and ERC-721, ERC-404 tokens can be listed on both decentralized exchanges (DEX) and NFT marketplaces like Opensea.

Conclusion

Although a relatively new phenomenon, there has been a wide range of interest surrounding the ERC-404 tokens. These have been both positive and negative, and are centered around its long-term prospects. The combination of two existing token standards has the potential to open a gateway into new use cases, which for investors could be a profitable occurrence.

This excitement has been reflected in the early surge in the price of tokens like Pandora, however, the road ahead may still be uncertain. Once the standard fully develops, with early teething issues fixed, the next 1000x crypto could be an ERC-404 token. This will result in many new entrants coming and adopting this standard, so if you research well, there is a good chance that investing in one of the top ERC-404 tokens could turn out to be profitable.

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Eliman Dambell
Editor

Eliman was a news writer and editor at Bitcoin.com, FXStreet and Investing.com. He commentates on various markets, including Crypto, Stocks and FX.